- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
Back in the day (2006-2007) I had a B of A Mastercard with a $55,000 limit. Before they spent all that money to acquire office furniture and Merrill Lynch they were apparently feeling flush enough to offer me a cash advance up to my credit limit at 0% for 9 months (maybe 12, I forget) for a mere $75 (the capped balance transfer/cash advance fee at the time).
I took that money and put it in an ING Direct savings account, which at the time -- back in the day -- was paying an interest rate at least worth mentioning, although I forget now exactly what.
When it was all done I made around $1,200 for doing almost nothing. It sure felt good to make some money off the banks after years of paying interest (I'm now debt-free and pay off my Chase Freedom every month).
Does anyone else have stories about interest rate arbitrage or other ways that you've made money from credit cards (besides the obvious points/cashback)?
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).
*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.